Halliburton, Global LNG Supply: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
IEA Says Supply Surge Could Lead to LNG Glut from 2025 - An expected strong rise in liquefied natural gas (LNG) production capacity will ease prices and gas supply concerns, but also risks creating a supply glut, the International Energy Agency (IEA) said on Tuesday. An "unprecedented surge" in LNG projects coming online from 2025 is set to add more than 250 billion cubic meters per year of new capacity by 2030, the IEA said in its latest World Energy Outlook report. More supply will pressure prices, with the IEA forecasting prices could drop by almost 80% to $6.9 per million British thermal units (mmbtu) in 2030 from $32.3 mmbtu in 2022 when prices hit record levels. (Reuters)

EARNINGS REPORTS
Halliburton Boosts Quarterly Income - Halliburton Company (NYSE:HAL) (Houston, Texas) reported net income of $716 million in third-quarter 2023, an increase from second-quarter 2023's reported net income of $610 million. (Halliburton)

PRODUCTION
Norway's September Gas Output Lags Forecasts - Norway's natural gas output fell in September to its lowest level since 1999, lagging an official forecast as maintenance cut production, while crude oil also fell behind expectations, the Norwegian Petroleum Directorate (NPD) said on Monday. Natural gas production in September fell to 199.8 million cubic meters (mcm) per day from 312.2 mcm a month ago, and missed a forecast of 319.1 mcm by 37.4%, the regulator said on its website. Crude oil output fell to 1.64 million barrels per day (BBL/d) in September from 1.79 million BBL/d in August, below a forecast of 1.73 million BBL/d, NPD's preliminary data showed. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).